CoinShares International Limited

OM:CS Stock Report

Market Cap: SEK 8.4b

CoinShares International Valuation

Is CS undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

5/6

Valuation Score 5/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of CS when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SEK 279.32
Fair Value
52.5% undervalued intrinsic discount
3
Number of Analysts

Below Fair Value: CS (SEK132.8) is trading below our estimate of fair value (SEK279.32)

Significantly Below Fair Value: CS is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CS?

Key metric: As CS is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for CS. This is calculated by dividing CS's market cap by their current earnings.
What is CS's PE Ratio?
PE Ratio7.3x
EarningsUS$125.44m
Market CapUS$889.54m

Price to Earnings Ratio vs Peers

How does CS's PE Ratio compare to its peers?

The above table shows the PE ratio for CS vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average23.8x
RATO B Ratos
32.9x3.22%SEK 11.8b
ROKO B Röko
40.3x8.62%SEK 29.2b
CAT B Catella
15.8x24.96%SEK 2.8b
SPLTN Investment AB Spiltan
6.2xn/aSEK 6.0b
CS CoinShares International
7.4x1.64%SEK 8.7b

Price-To-Earnings vs Peers: CS is good value based on its Price-To-Earnings Ratio (7.4x) compared to the peer average (23.8x).

Price to Earnings Ratio vs Industry

How does CS's PE Ratio compare vs other companies in the SE Capital Markets Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No more companies available in this PE range
CS 7.3xIndustry Avg. 16.0xNo. of Companies3PE01632486480+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: CS is good value based on its Price-To-Earnings Ratio (7.4x) compared to the European Capital Markets industry average (16x).

Price to Earnings Ratio vs Fair Ratio

What is CS's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CS PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.3x
Fair PE Ratio19.2x

Price-To-Earnings vs Fair Ratio: CS is good value based on its Price-To-Earnings Ratio (7.4x) compared to the estimated Fair Price-To-Earnings Ratio (19.3x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst CS forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentSEK 132.80
SEK 115.20
-13.25%
15.83%SEK 135.09SEK 91.03n/a3
Sep ’26SEK 100.60
SEK 113.85
+13.17%
16.32%SEK 138.23SEK 93.15n/a3
Aug ’26SEK 104.60
SEK 113.85
+8.85%
16.32%SEK 138.23SEK 93.15n/a3
Jul ’26SEK 98.20
SEK 113.85
+15.94%
16.32%SEK 138.23SEK 93.15n/a3
Jun ’26SEK 99.00
SEK 113.85
+15.00%
16.32%SEK 138.23SEK 93.15n/a3
May ’26SEK 77.40
SEK 107.43
+38.80%
15.46%SEK 128.33SEK 87.70n/a3
Apr ’26SEK 74.60
SEK 119.84
+60.65%
24.63%SEK 160.11SEK 90.17n/a3
Mar ’26SEK 72.80
SEK 119.84
+64.62%
24.63%SEK 160.11SEK 90.17n/a3
Feb ’26SEK 95.60
SEK 120.79
+26.35%
20.50%SEK 155.31SEK 98.44n/a3
Jan ’26SEK 83.00
SEK 100.33
+20.87%
9.56%SEK 109.78SEK 87.17n/a3
Dec ’25SEK 84.80
SEK 90.89
+7.18%
11.46%SEK 104.88SEK 79.90n/a3
Nov ’25SEK 50.30
SEK 91.18
+81.26%
10.55%SEK 104.72SEK 83.36n/a3
Oct ’25SEK 54.20
SEK 90.35
+66.69%
12.74%SEK 106.59SEK 81.21n/a3
Sep ’25SEK 67.70
SEK 90.35
+33.45%
12.74%SEK 106.59SEK 81.21SEK 100.603
Aug ’25SEK 62.80
SEK 92.74
+47.68%
12.37%SEK 111.41SEK 80.08SEK 104.604
Jul ’25SEK 57.80
SEK 84.37
+45.97%
4.72%SEK 88.03SEK 78.83SEK 98.203
Jun ’25SEK 67.40
SEK 84.60
+25.51%
3.71%SEK 88.02SEK 80.44SEK 99.003
May ’25SEK 56.20
SEK 69.62
+23.88%
19.56%SEK 83.24SEK 56.00SEK 77.402
Apr ’25SEK 58.00
SEK 69.62
+20.04%
19.56%SEK 83.24SEK 56.00SEK 74.602
Mar ’25SEK 49.35
SEK 70.16
+42.17%
20.19%SEK 84.33SEK 55.99SEK 72.802
Feb ’25SEK 40.05
SEK 70.00
+74.79%
19.64%SEK 83.75SEK 56.26SEK 95.602
Jan ’25SEK 41.30
SEK 70.00
+69.50%
19.64%SEK 83.75SEK 56.26SEK 83.002
Dec ’24SEK 37.70
SEK 70.00
+85.69%
19.64%SEK 83.75SEK 56.26SEK 84.802
Nov ’24SEK 38.25
SEK 71.25
+86.27%
19.38%SEK 85.05SEK 57.44SEK 50.302
Oct ’24SEK 43.75
SEK 71.25
+62.85%
19.38%SEK 85.05SEK 57.44SEK 54.202
Sep ’24SEK 51.10
SEK 71.25
+39.43%
19.38%SEK 85.05SEK 57.44SEK 67.702
SEK 115.2
Fair Value
15.3% overvalued intrinsic discount
3
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/09/26 20:28
End of Day Share Price 2025/09/26 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

CoinShares International Limited is covered by 5 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
null nullABG Sundal Collier Sponsored
Mark PalmerBTIG